Exam 3: Part 1: Market Demand and Supply

Which of the following is least likely to increase the demand for new tires?

Assuming that hamburger is an inferior good,an increase in consumer income,other things being equal,will cause a(n):

Other things being equal,the effect of a decrease in the price of DVDs on the market for DVD players is a(n):

Travel by bus and pawn-shop services would be expected to be examples of:

Which of the following states the definition of supply?

Exhibit 3-3 Demand curves -Which of the graphs in Exhibit 3-3 depicts the effect of a decrease in the price of pizza on the demand curve for pizza?

Two goods that are substitutes are:

Ceteris paribus,which of the following would cause a decrease in the demand for HD TVs?

Assuming that wine is a normal good,an increase in consumer income,other things being equal,will:

When economists say the demand for a product has increased,they mean the:

Assuming DVDs and DVD players are complements,the effect of an increase in the price of DVD players on the market for DVDs is a(n):

In accordance with the law of supply,both individual and market supply curves are drawn:

Other things being equal,the effects of an increase in the price of crackers on the market for soup is represented by a(n):

A rightward shift in the demand curve is called a(n):

A surplus means a(n):

Two goods are considered substitutes only if a(n):

The law of demand states that:

A normal good is a good for which demand increases as:

If the demand for a good increases because consumer income increases,the good is a(n):

Assume that peanut butter and jelly are complementary goods.A decrease in the number of peanut butter suppliers will cause the: